How to Lease a Vehicle for a Business

Leasing a vehicle for a business is an easy process, as long as you know the type of vehicle that best fits your needs and the budget you have to work with. While leasing a vehicle normally results in a lower monthly payment than purchasing, the company will also no equity in the vehicle they are using. In any case, leasing a vehicle has its benefits, like keeping a company from taking on the expenses associated with paying cash for or financing a vehicle.

Instructions

1

Find the right vehicle. Depending on your business type and kind of car or truck for which you are searching, it can take some time to find the right vehicle. You can complete preliminary research on the Internet. Without visiting dealerships, you can compare vehicles and determine which ones do not meet your needs.

2

Contact dealerships. Once you find vehicles that meet your needs, it is time to contact local dealerships. Larger dealerships, especially those that specialize in commercial trucks and vans, have a full-time fleet sales manager who is charged with putting lease and purchase packages together for businesses. In most cases, the fleet manager is a high-volume salesperson, making a living by selling a high volume of vehicles, not necessarily making a large amount of profit on each one.

3

Determine the best terms. Leases range in length from two years to five years, with mileage restrictions ranging from 7,500 to 20,000 miles per year, depending on the leasing company. In some cases, business leases may also be available with even more miles per year. Think about the driving habits of company employees, and choose the annual mileage that works best. If you pay for more miles than you need, monthly payments will be needlessly high. As far as term, the longer the lease in months, the lower the monthly payment.

4

Compare quotes. Get quotes for similar vehicles from multiple dealerships. When requesting quotes from the fleet manager, be specific about the length and mileage restrictions you need; this will allow an apples-to-apples comparison of lease quotes with similar terms. Make sure that all monthly payments factor in tax, otherwise some may seem too low.

5

Choose the best option. When evaluating competing quotes for business vehicle leases, compare them on more than just price. The cheapest vehicle to lease may not be the best for your business. If necessary, test drive vehicles or have the employees who will be using them come to the dealership to help with the decision.